REGISTERED NUMBER: 10023760 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

SGHS ENTERPRISES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

M A Hewitt

R N S Leece

REGISTERED OFFICE:

St George's Vestry

2a Mill Street

London

W1S 1FX

REGISTERED NUMBER:

10023760 (England and Wales)

ACCOUNTANTS:

Maven Accountants Limited

PO Box 1882

Southampton

Hampshire

SO15 9JZ

FIXED ASSETS

Tangible assets

5

2,512,834

1,987,570

CURRENT ASSETS

Debtors

6

113,294

13,655

Cash at bank

104,918

179,035

218,212

192,690

CREDITORS

Amounts falling due within one year

7

9,339

7,818

NET CURRENT ASSETS

208,873

184,872

TOTAL ASSETS LESS CURRENT LIABILITIES

2,721,707

2,172,442

CREDITORS

Amounts falling due after more than one year

8

3,214,022

2,526,402

NET LIABILITIES

(492,315

)

(353,960

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(492,415

)

(354,060

)

SHAREHOLDERS' FUNDS

(492,315

)

(353,960

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2025 and were signed on its behalf by:

M A Hewitt - Director

R N S Leece - Director

1.	STATUTORY INFORMATION

SGHS Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

2% on cost and Straight line over 10 years

The company has chosen the Cost model in respect to its Leasehold property. In accordance with Section 17.20 of FRS102 depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. In September 2024, the property was in the condition necessary and intended by management and depreciation started being charged from this date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

There is no intention to divest the leasehold interest, held at the year-end, and hence no deferred taxation has been provided at the year-end.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

In accordance with FRS 102 section 29.6 the directors consider it is improbable that any tax losses will be recovered by the reversal against future taxable profits. On this basis the directors have not recognised a deferred tax asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,987,570

Additions

543,558

At 31 December 2024

2,531,128

DEPRECIATION

Charge for year

18,294

At 31 December 2024

18,294

NET BOOK VALUE

At 31 December 2024

2,512,834

At 31 December 2023

1,987,570

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

89,645

-

Other debtors

23,649

13,655

113,294

13,655

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

9,339

-

Taxation and social security

-

7,818

9,339

7,818

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

3,214,022

2,526,402

9.	CALLED UP SHARE CAPITAL

The share capital of £100 is divided into 100 ordinary shares of £1 each. These are held in

equal ratios by the Vicar and two Churchwardens on behalf of the PCC of St George's

Hanover Square. As the company is a private company, the shares are not open to

subscription from the public and only the Vicar and Churchwardens may hold shares in the

company. The Parochial Church Council of St George's Hanover Square is therefore

registered as a Person with Significant Control. Upon retirement from the role of Vicar or

Churchwarden, the share transfers to the next Vicar or Churchwarden. All distributable

profits arising from the company are to be passed to the PCC.

10.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

At the year end the company had no financial commitments or guarantees.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were no advances, credit or guarantees granted to the directors during the year.

12.	RELATED PARTY DISCLOSURES

During the year, the company was charged interest of £8,627 (2023: £7,680) by, St George's Hanover Square Foundation, a charity of which The Rector, Revd. Roderick N S Leece, Mr M Hewitt and Mr W M C Beckett, are trustees. At the year end the company owed the charity £120,160 (2023: £111,533).

SGHS Enterprises Limited is a trading subsidiary of St George's Hanover Square, Mayfair's parish church. During the year the company received loans from the church totalling £480,000 (2023: 25,000) Interest was charged to the company of £177,072 (2023: £147,367). At the year end the company owed the church £2,973,862 (2023: £2,294,868).

13.	GOING CONCERN

At the year-end the Company had net liabilities equating to (£492,315) (2023:£353,960).Included within Creditors is a sum of (£2,973,862) owed to the Parent Company, St George's Hanover Square, Mayfair Parochial Church Council. The trustees of the PCC have provided representations that they will not seek payment of the sum owing until such time as SGHS Enterprises Ltd is in a position to re-pay the sum. On this basis, the Directors consider it appropriate to prepare the Accounts on a Going concern basis.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SGHS Enterprises Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SGHS Enterprises Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SGHS Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of SGHS Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SGHS Enterprises Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SGHS Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SGHS Enterprises Limited. You consider that SGHS Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SGHS Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Maven Accountants Limited

PO Box 1882

Southampton

Hampshire

SO15 9JZ

21 December 2025